Business owners, such as sole proprietors and partnerships, are also required to complete the T1 business form.
Question:
Business owners, such as sole proprietors and partnerships, are also required to complete the T1 business form. Question 14 options: True False Question 15 (1 point) Income Tax Act includes: Question 15 options: Parts Division Subdivision All of the above Question 16 (1 point) Part 1 - Division B - Subdivision A of the Income Tax Act includes : Question 16 options: Other Sources of Income Income or Loss from an office or Employment Deductions in Computing Income None of the above Question 17 (1 point) Sources of information of interpretation of tax law include the following Question 17 options: CRA web site Court Decisions CRA Publications All of the above Question 18 (1 point) One may have to pay tax by instalments if their income does not have enough tax withheld or if they are self-employed, have rental or investment income, certain pension payments, or have income from more than one job. Question 18 options: True False Question 19 (1 point) Timings of instalment payment are: Question 19 options: March 15 June 15 September 15 December 15 All of the above Question 20 (1 point) A taxpayer will be charged interest on any taxes that they owe if they pay late. a late-filing penalty will be charged if one have a balance owing and file their tax return late. Question 20 options: True False Question 21 (1 point) If CRA requires a person to pay tax installments, they have to pay the instalments by the instalment payment due dates. If they miss any of these payment due dates, they may have to pay instalment interest. Question 21 options: True False Question 22 (1 point) The late-filing penalty is 5% of the 2022 balance owing, plus an additional 1% for each full month that one file after the due date, to a maximum of 12 months. Question 22 options: True False
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill